August 2014, developer Lobsang Dargey broke ground with Seattle mayor Ed Murray on the 41-story Belltown mixed-use project known as Potala Tower. A year later, development stopped when Dargey was accused of pilfering millions from investors on the project. In early 2016, a judge has ruled that a development partnership between Binjiang Tower Corp and Molasky Group could take over the project and attempt to reboot it.
That plan is now moving forward and so is construction on the 41-story project at 2116 Fourth Avenue. When completed, the complex will include 339 apartment units, 142 hotel rooms, 1,824 square feet of ground-floor retail space, and 177 underground parking spaces. Some previous EB5 investors are partnering with joint venture partners in order to make it happen.
As for the name, the entire project will be renamed and rebranded.
Also moving ahead are plans to finish Dargey’s Potala Place project in Everett that was also stalled by the fraud investigation. Already close to completion and with some apartments rented out, the approved final plan includes a farmers market, boutique grocery, French bakery, and more. It’s expected to open in full by early 2017.
- Belltown Mixed-Use Revived by Sino-American Partnership [MHN]
- Work resumes on Belltown high-rise tied to EB-5 fraud charges [PSBJ]
- Belltown's Potala Tower Could Be Revived With New Deal [CS]
- Belltown's 40-Story Potala Tower Can Move Forward With New Investors [CS]
- Judge approves Potala Place market plan [HN]